New York named best place to buy property

With signs that the New York property market is strengthening following the recent U.S. property crash, the city has been tipped as the best place to invest in property overseas.

The survey by Knight Frank Citi which identified the top 20 global cities in terms of future property investment up to 2020, named New York as the number one destination to buy property, followed by London.

New York property values and sales have both improved in recent months, reversing the downward trend recorded since the USA property market crashed in 2007.

The apartment sector in New York is performing particularly well at the moment, with strong sales being recorded across many parts of the city, including Manhattan and Brooklyn.

But US Forbes magazine has cast doubt on the outcome of the poll, by claiming that property in New York is already too expensive.

New York-based magazine said: “New York and London remain the Number one spots to invest in global real estate, but honestly, who can afford it.”